NEW YORK-retailer Tiffany jewelry & co. is replacing its Chief Financial Officer since longtime executives reshuffles and adds a position of chief operating officer.
The company says that 45 years Patrick f. Mcguinness will replace James Fernandez 55 years as Finance Director.
Fernandez is taking the newly created position of chief operating officer and McGuiness will continue to report to him.
The moves are effective immediately.
McGuinness has been with Tiffany since 1990 and was most recently senior vice president of finance. Fernandez joined the company in 1989 and has served as CFO from 1998.
Tiffany and other luxury brands are doing well as the sector bounces faster than others. Its profit in the first quarter was up the 25 per cent on higher income through all regions of the world in its most recent quarter.
Its shares fell 79 cents to $ 75.64 morning trading Thursday.
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